Cuba agrees to maintain Sherritt mining partnership if investment proceeds

Energy and Mines Minister Vicente de la O Levy expressed Cuba’s willingness to maintain its mining partnership with Sherritt International if an investment transaction involving the Canadian company proceeds.

In an interview with Reuters, the official said the U.S. company would buy shares of Sherritt, not of the joint venture. Gillon Capital’s proposal would allow it to acquire 55% of the mining company’s common shares and remains subject to regulatory approvals.

The statement confirms neither approval nor closing of the transaction. De la O Levy warned that restarting production would require agreements on fuel and spare-parts supplies as well as management of payments for exports and inputs.